CONNECT WITH US
Fintech

Fintech

Aave Labs Acquires Avon Tech to Take On-Chain Lending Mainstream

PYMNTS – Fintech logo

Published on

Add as a preferred source on Google
Aave Labs Acquires Avon Tech to Take On-Chain Lending Mainstream

Aave Labs has acquired the team and technology behind Avon to further its efforts to bring on-chain lending to a mainstream audience, Aave Labs said in a Friday (Nov. 6) press release emailed to PYMNTS.

Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

Aave Labs is a core contributor in the Aave on-chain lending network, while Avon has built fixed-rate and floating-rate lending markets and an on-chain order book for on-chain lending, according to the release.

The addition of Avon’s technology and team will help Aave Labs build out new capabilities across its network and product layers, with fixed-rate lending first on the agenda. The Avon team will continue developing the Avon technology under Aave Labs, per the release.

“Aave’s goal is to bring the best of finance to everyone, and that means offering the kinds of products users already rely on, including fixed rates,” Aave Labs Founder and CEO Stani Kulechov said in the release. “The Avon team have spent time working on some of the hardest problems in on-chain lending, and they will help us bring Aave to institutions, FinTechs and everyday users around the world.”

Avon Founder Prince Sinha , who will join the Aave Labs engineering team, said in the release: “Aave has led on-chain lending for years, and joining Aave Labs is an exciting opportunity to work on what we do best.



Source link
Related Topics:Fintech

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We TheMorningPulse.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It's possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.